Canceling student loan debt.

Duffy LaCoronilla

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Apr 27, 2016
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Warren says that if she’s elected (I know, I know, just play along...) she will simply erase all student debt “on day one” - $1,600,000,000,000. That’s trillion, folks.

What about the people who paid off their loans? Will they get reimbursed? What about people who worked their way through, saved up or just couldn’t afford to go at all?

Anyone think this is justified?

Imagine a union plumber who didn’t go to college at all, works hard and makes a decent but not extravagant salary having his/her taxes raised to pay for a relatively privileged college graduate who ends up being an accountant or lawyer or engineer and making a sala that has a couple more zeros on it than Jane Plumber who fucking paid for the loans. How’s Jane plumber going to feel about that?

 

b.r.

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don't worry trump is gonna get rid of the debt in 8 years, he is only piling it up over 23 trillion so it looks more impressive when he tunrs it all around , i think he is gonna declare bankruptcy to start over. that is the only logical conclusion for the path we are on.
 

Duffy LaCoronilla

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don't worry trump is gonna get rid of the debt in 8 years, he is only piling it up over 23 trillion so it looks more impressive when he tunrs it all around , i think he is gonna declare bankruptcy to start over. that is the only logical conclusion for the path we are on.
wut?

anyone care to comment on warren’s stated plan here?
 
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_____

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Then what happens when the next generation of students racks up all that same student loan debt? Will it be cancelled every 7 years like the old land of Canaan? I mean, if they do it for this batch they've gotta do it for the next and so on. Maybe I'll become a student again.
Yes, I want to be reimbursed for the loans I paid off. I have dental bills and need a DP on a new truck.
 

Lance Mannion

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I would contend that the education institutions that took the money should collectively issue rebates to those struggling* with college loan debt.

*"Struggling" to be defined when Congress drafts the law.
 

grapedrink

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wut?

anyone care to comment on warren’s stated plan here?
With all the crap this country has thrown money at in the last few decades, at least this one would probably have the greatest benefit to the American people. I'd much rather see this than another war or more tax breaks for those who need them the least. The ROI on this would be far better than the trillions we've flushed down the toilet on Middle East wars. It may even boost consumer spending a bit.

Don't get me wrong, there are certainly fairness issues involved. Although I don't see it being any different than welching on any other form of debt, which ironically you are legally allowed to, except for student loan debt. If student loan debt is not forgivable, then the same should be true for any other form of debt.
 
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grapedrink

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Then what happens when the next generation of students racks up all that same student loan debt? Will it be cancelled every 7 years like the old land of Canaan? I mean, if they do it for this batch they've gotta do it for the next and so on. Maybe I'll become a student again.
Yes, I want to be reimbursed for the loans I paid off. I have dental bills and need a DP on a new truck.
This would have to be coupled with a complete overhaul of our education system, or else you're right, this problem would simply repeat itself.

As states have pulled funding, universities have been raising tuition knowing that the federal govt will back the loans and/or parents will keep writing checks. Meanwhile, nobody has held universities feet to the fire to actually ensure that students graduate with marketable skills.

IMO you have to get the Federal government out of the business of guaranteeing loans, unless they are for programs with a clear ROI.
 
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Duffy LaCoronilla

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This would have to be coupled with a complete overhaul of our education system, or else you're right, this problem would simply repeat itself.

As states have pulled funding, universities have been raising tuition knowing that the federal govt will back the loans and/or parents will keep writing checks. Meanwhile, nobody has held universities feet to the fire to actually ensure that students graduate with marketable skills.

IMO you have to get the Federal government out of the business of guaranteeing loans, unless they are for programs with a clear ROI.
Let the market figure that out. Degrees that are worthless will wither on the vine.

How about schools offer you a degree and help you with career placement and then take a percentage of your salary for a set time. Sometimes the schools make out big, sometimes they lose. Over time they’ll figure out percentages and time periods for certain degrees.

for example a degree in petroleum engineering has a high ROI so you could make a deal like 4% of salary for 8 years (I’m just jaw boning here) and a degree in black trans lesbian literature of the 17th century will be 30% of salary for 25 years.

Once you make huge of sums of capital available (student loans) or just give people free money to use for college the demand rises and (wow) the cost of an education goes up and the value goes down.

Kind of like Yang‘s give everyone $1,000 a month. Guess what? Everyone’s rent goes up $1,000 a month.

This is very basic economics.
 

grapedrink

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Let the market figure that out. Degrees that are worthless will wither on the vine.
Agreed, except that will only happen if the feds stop giving out contingency-free loans.

How about schools offer you a degree and help you with career placement and then take a percentage of your salary for a set time. Sometimes the schools make out big, sometimes they lose. Over time they’ll figure out percentages and time periods for certain degrees.

for example a degree in petroleum engineering has a high ROI so you could make a deal like 4% of salary for 8 years (I’m just jaw boning here) and a degree in black trans lesbian literature of the 17th century will be 30% of salary for 25 years.
Also agreed. Lots of countries do this. Go through medical school, then work at a government hospital for 2-3 years. Maybe they make a few bucks and/or live at home. Dunno. Either way, after that, no debt. Sounds fair to me.

Once you make huge of sums of capital available (student loans) or just give people free money to use for college the demand rises and (wow) the cost of an education goes up and the value goes down.

Kind of like Yang‘s give everyone $1,000 a month. Guess what? Everyone’s rent goes up $1,000 a month.

This is very basic economics.
Agreed, which is exactly what happened. UC in-state tuition is now roughly the cost of what out-of-state tuition costed 20 years. Both are almost 3x what they were 20 years ago.
 

Your Moms Dildo

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Schools aren't motivated to graduate students and kill the easy meal ticket.

The lender needs to turn the screws on the schools and make sure they're getting an employable education.....like Duff man said...earlier.....in the thread.
 

GDaddy

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Kids are already reacting to the cost/benefit dynamics. "Consider the marketability of this major" is already a trope.
 

Mike_Jones

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Mar 5, 2009
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wut?

anyone care to comment on warren’s stated plan here?

FREE MONEY!!!! .....WHEEEEEEE!....




There is no free ride. Pay your own way. Don't expect the rest of us to pick up your tab, especially for an investment which should pay you big bucks.
.
 

Wheelhouse

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Jan 13, 2013
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you shopping the Dem with the best deal?

Cancelling any debt cancels the future interest received which cancels the income for thousands of Americans that work for these companies which equals less money in the economy.. i know people with 100 to 500k in student loan debt. I've heard of doctors with 1 million+ in student debt.

it just doesnt disappear. we all pay.

It wont happen.